Nevada Gov. Brian Sandoval Wednesday signed S.B. 443 into law, legalizing sports betting "investment funds" and opening up participation in Nevada sports gambling to out-of-state residents.
Nevada Gov. Brian Sandoval Wednesday signed S.B. 443 into law, legalizing sports betting "investment funds" and opening up participation in Nevada sports gambling to out-of-state residents, according to ESPN.
The investment funds must be operated in the state of Nevada, but would be open to residents outside of the state.
The funds, operated by what's termed in the legislation as a "business entity," would operate similar to a mutual fund, in which a fund manager would distribute the collective money wagered across multiple sporting events.
Those operating the business entity must be at least 21 years of age and provide sensitive information to sports books, including the social security and taxpayer identification numbers of both the operator and those with an equity stake in the fund.
The entity also must operate with financial accounts based in the state of Nevada.
Sports books will have the option of refusing to accept wagers from an entity, according to the report.
Also on Wednesday, Gov. Sandoval signed into law S.B. 445, which affirmatively allows Nevada-based sports book operators to run books in out-of-state areas where sports betting is legal.
New Jersey is awaiting a U.S. Circuit Court of Appeals ruling expected in June in its case against major U.S. sports leagues. If New Jersey is victorious in the case, sports betting would be legalized in the state, providing a second state, for example, in which Nevada-based sports books could operate.
You can read the full text of S.B. 443 here.